In this article, we delve into the top 10 most valuable Nigerian companies, ranked by their market capitalization. These companies are being eyed by investors who want to know more about them before investing in them.
By examining their market capitalization, which represents a company’s total market value, we can identify the most valuable players in the Nigerian market. Join us as we explore the businesses that have secured their positions at the top, explore their histories, and uncover what makes them stand out in the Nigerian market.
1. Dangote Cement Plc (DANGCEM)
Dangote Cement, with a market capitalization of 12.782 trillion NGN, stands as Nigeria’s most valuable company and a powerhouse in the African cement industry. With operations in 10 African countries, Dangote Cement is the continent’s leading cement producer, boasting impressive figures and a rich history.
Key Figures:
- 27.8 Mt Group Volumes in 2022
- ₦ 1,618.3B Revenue in 2022
- ₦ 708.2B Group EBITDA in 2022
- 51.6 Mta Total capacity across Africa
- 32.25Mta Total capacity in Nigeria
Founded in 1981 as part of Dangote Industries, Dangote Cement initially focused on importing bagged cement and other commodities. However, the company’s vision expanded over time, leading to a transition into integrated manufacturing operations. In 1992, the Kogi State Government incorporated Obajana Cement Plc, a pivotal moment that marked the beginning of Dangote Cement’s journey.
Throughout the years, Dangote Cement embarked on strategic acquisitions and expansions. Notably, in 2000, it acquired Benue Cement Company from the Federal Government, followed by the acquisition of Obajana Cement Plc in 2002. The construction of its first cement production plant, the Obajana Cement Plant, commenced in 2004, with production lines commissioned in 2007.
In 2010, a significant milestone was achieved as Obajana Cement Plc was renamed Dangote Cement Plc, followed by a merger with Benue Cement Company. The company was subsequently listed on the Nigerian Stock Exchange. Dangote Cement continued its expansion with the opening of plants in Ibese, Nigeria, in 2012, and operations in Ghana, South Africa, Cameroon, Ethiopia, and Zambia in subsequent years.
Dangote Cement’s commitment to excellence and innovation has solidified its position as a top player in the cement industry, contributing significantly to Nigeria’s economy and cementing its status as one of the most valuable companies in Nigeria.
2. Mtn Nigeria Communications Plc (MTNN)
MTN Nigeria Communications PLC, with a market capitalization of 5.774 trillion NGN, makes it one of Nigeria’s most valuable companies. MTNN is a leading provider of cellular telecommunications services in the country.
Established in 2000, the company offers a wide range of services aimed at enhancing communication and connectivity for its customers. This includes cellular network access, Internet services such as data browsing, mobile Internet, and Wi-Fi services. Additionally, MTN Nigeria provides international roaming services, ensuring seamless connectivity for its users even when traveling abroad.
With a focus on innovation and customer satisfaction, MTN Nigeria also offers a variety of value-added services, including voice SMS, mobile TV, bulk SMS, and mobile newspaper, catering to diverse communication needs.
In recent years, MTN Nigeria has expanded its offerings to include broadband fixed wireless access, telecommunication, and mobile financial services. This diversification reflects the company’s commitment to meeting the evolving needs of its customers and staying ahead in the dynamic telecommunications industry.
As one of the best Nigerian companies to invest in based on market capitalization, MTN Nigeria Communications PLC continues to play a pivotal role in shaping the telecommunications landscape in Nigeria.
Top 10 Nigerian Companies to Invest | (Q1) 2024 | Investors Guide
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3. Bua Foods Plc (BUAFOODS)
With a significant market capitalization of 5.76 trillion NGN, BUA Foods Plc ranks among Nigeria’s most valuable companies. As a leading Food and Fast-moving consumer goods (“FMCG”) business, BUA Foods is renowned for its processing, manufacturing, and distribution of food produce and packaged food. This conglomerate operates within five key divisions, including Sugar, Flour, Pasta, Rice, and Edible Oils, catering to various consumer needs across the nation.
A member of the esteemed BUA Group, BUA Foods benefits from its association with a conglomerate deeply entrenched in Nigeria’s food and infrastructure sectors. The company’s diverse product portfolio includes fortified and non-fortified industrial sugar, flour, and pasta, with plans underway to venture into rice processing in 2022 and edible oils by 2024.
BUA Foods’ journey commenced with the acquisition of Nigeria Oil Mills Limited in 2000, marking its foray into the edible oils business. Subsequent expansions saw the establishment of BUA Sugar Refinery Limited in 2005 and the incorporation of BUA Rice Limited in 2014, among other milestones.
In November 2021, a significant restructuring through a scheme under Section 711 of CAMA led to the emergence of BUA Foods Limited as the surviving entity, following the consolidation of several subsidiaries. As part of this restructuring, the company’s name was changed to BUA Foods Plc, and it continues to be one of Nigeria’s best companies to invest in 2024 based on market capitalization.
4. Bua Cement Plc (BUACEMENT)
With a substantial market capitalization of 5.08 trillion NGN, BUA Cement Plc stands as one of Nigeria’s most valuable companies, known for its significant contributions to the nation’s cement industry. Formed through a merger between CCNN Plc and Obu Cement Company Plc, BUA Cement has a rich history dating back to the establishment of Cement Company of Northern Nigeria (CCNN) in 1962.
CCNN commenced operations in 1967 with an installed capacity of 100,000 metric tonnes per annum (mtpa) in Kalambaina, Sokoto State. Over the years, the company underwent various transformations, including the commissioning of Line-2 in 1985 and partial privatization by the Federal Government of Nigeria in 1993.
In 2014, Obu Cement Company Limited commenced operations with the opening of Line-1, boasting a capacity of 3 million mtpa in Obu, Okpella, Edo State. This milestone marked the beginning of partnerships with renowned institutions such as FLSmidth, further enhancing BUA Cement’s production capabilities.
In 2018, the commissioning of the Kalambaina (Line-1) plant in Sokoto and the completion of the Obu Line-2 Complex in Edo State further bolstered BUA Cement’s production capacity, totaling 6 million mtpa at the Obu Cement Complex.
Strategic consolidation efforts in 2018 and 2019 resulted in BUA Cement Plc emerging as the largest cement producer in the North-West, South-South, and South-East regions of Nigeria. With a combined installed capacity of 11 million mtpa and the commissioning of Line-4 in Sokoto State in 2022, BUA Cement continues to solidify its position as a key player in Nigeria’s cement market.
Notably, BUA Cement’s milestones include its listing on the Nigerian Stock Exchange in 2020 and the utilization of liquefied natural gas (LNG) at its Sokoto plant in 2021. As one of the best Nigerian companies to invest in based on market capitalization, BUA Cement Plc remains a cornerstone of Nigeria’s infrastructure development and economic growth.
5. Geregu Power Plc (GEREGU)
With a big market capitalization of 1.925 trillion NGN, Geregu Power Plc is a prominent player in Nigeria’s power generation sector. The company, registered and domiciled in Kogi State, operates the Geregu Power Plant, a key facility commissioned by the Federal Government of Nigeria on February 16, 2007. Situated at the Itobe – Ajaokuta Express Road, Ajaokuta, the power plant plays a vital role in generating electricity to supply the national grid managed by the Transmission Company of Nigeria (TCN).
Geregu Power Plc is primarily owned and operated by Amperion Power Distribution Company Limited, holding an 80% stake, with the remaining 20% retained by the Federal Government of Nigeria. This ownership structure underscores the collaboration between the private and public sectors in Nigeria’s energy landscape.
In June 2014, a contract was awarded to Siemens AG for the overhaul of the plant, resulting in increased capacity from 414 MW to 435 MW by August 2016. Moreover, Amperion’s increased holdings in Geregu Power from 51% to 80% in September 2019 further demonstrated its commitment to the company’s growth and development.
As one of the largest Nigerian companies by market capitalization in 2024 in the power generation sector, Geregu Power Plc continues to play a crucial role in ensuring reliable and sustainable electricity supply across Nigeria.
6. Fbn Holdings Plc (FBNH)
With a large market capitalization of 1.22 trillion NGN, FBN Holdings Plc stands as one of Nigeria’s most valuable diversified financial services companies. Established in 1894 as the Bank of British West Africa (BBWA) by Sir Alfred Jones, a shipping magnate from Liverpool, England, the company has evolved into a multifaceted organization offering a wide range of financial solutions.
FBN Holdings operates primarily through three main segments: the Commercial Banking Business Group, the Merchant Banking and Asset Management Business Group, and other subsidiaries.
Other subsidiaries of FBN Holdings include FBN Insurance Brokers Limited, which provides expert insurance brokerage services in life and general insurance. As one of the largest Nigerian companies by market capitalization, it remains a preferred choice for investors in 2024.
7. Guaranty Trust Holding Company Plc (GTCO)
With an impressive market capitalization of 1.153 trillion NGN, Guaranty Trust Holding Company Plc (GTCo Plc) stands as one of the most valuable financial institutions in Nigeria. Established in 1990, Guaranty Trust has been committed to providing accessible financial services that meet the needs of Africans and foster the growth of businesses.
Headquartered in Lagos, Guaranty Trust operates banking subsidiaries across multiple African countries, including Nigeria, Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, as well as in the United Kingdom.
In April 2021, Guaranty Trust Bank Plc transitioned into Guaranty Trust Group Holding Company Plc (GTCo Plc), a financial holding company. This strategic move reflects the company’s vision to position itself for future growth and deliver broader benefits to its customers, communities, and businesses.
As highlighted by its Q3 2023 unaudited results, the company boasts total assets valued at ₦8.616 trillion, gross earnings of ₦850.4 billion, a profit before tax of ₦433.2 billion, and an impressive return on average equity (ROAE) of 52.4%. This makes it one of the best Nigerian companies to invest in based on market capitalization.
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8. Zenith Bank Plc (ZENITHBANK)
With a market cap of 1.146 trillion NGN, Zenith Bank Plc stands tall among Nigeria’s top 10 most valuable companies by market capitalization. Established in May 1990, the bank swiftly rose to prominence within the Nigerian banking sector and is widely regarded as one of the most valuable companies in Nigeria.
It transitioned into a public limited company on June 17, 2004, and subsequently listed on the Nigerian Stock Exchange (NSE) on October 21, 2004, following a highly successful Initial Public Offering (IPO). Headquartered in Lagos, Nigeria, Zenith Bank Plc operates a vast network of 393 branches and business offices strategically located across all states of the federation and the Federal Capital Territory (FCT).
The bank has also expanded its footprint internationally, with subsidiaries in Ghana, Sierra Leone, and Gambia, along with a representative office in The People’s Republic of China. Zenith Bank’s global aspirations extend further, with plans to enter other African countries, as well as European and Asian markets.
Founded by Jim Ovia CFR, Zenith Bank Plc has witnessed remarkable growth since its inception. From its humble beginnings with a shareholder’s fund of ₦20 million in 1990, the bank’s assets have soared to ₦1.38 trillion as of the end of 2022, solidifying its position as one of Africa’s largest Nigerian companies by market cap.
9. Transcorp Hotels Plc (TRANSCOHOT)
Transcorp Hotels Plc stands as one of Nigeria’s most valuable companies by market capitalization of 1.003 trillion NGN, serving as the hospitality arm of Transnational Corporation of Nigeria Plc (Transcorp), a diversified conglomerate. The company was formally listed on the Nigerian Stock Exchange in January 2015.
Transcorp Hotels Plc boasts a portfolio of premier properties, including the renowned Transcorp Hilton Hotel Abuja and Transcorp Hotels Calabar. With plans for further expansion, including upcoming properties in Lagos and Port Harcourt, the company continues to strengthen its presence in Nigeria’s hospitality industry.
The history of Transcorp Hotels dates back to 2005 when the Federal Government of Nigeria privatized NIRMSCO Properties Limited, the former owner of the Nicon Hilton Hotel in Abuja. Transcorp plc, as part of a consortium, acquired a significant stake in the company, eventually becoming the core investor. This move marked the beginning of Transcorp’s journey in the hospitality sector.
Over the years, Transcorp Hotels has demonstrated resilience and adaptability, navigating through various challenges in the industry. Notably, the company secured hosting rights for the World Economic Forum on Africa in 2014, underscoring its growing influence and stature.
In 2013, Transcorp consolidated its ownership by acquiring the remaining stakes held by other consortium members, thus becoming the sole owner of the controlling shares in THTSL. Subsequently, in 2014, THTSL underwent rebranding to become Transcorp Hotels Plc, laying the groundwork for its initial public offering in October 2014.
As one of Nigeria’s largest companies by market capitalization, In July 2021, Transcorp Hotels Plc made a significant leap into the digital realm with the launch of Aura by Transcorp Hotels, an innovative online platform offering accommodation booking, culinary experiences, and personalized services.
10. Dangote Sugar Refinery Plc (DANGSUGAR)
Dangote Sugar Refinery Plc, one of Nigeria’s most valuable companies by market capitalization of 885.507 billion NGN, stands at the forefront of the Nigerian sugar industry. Originating from the 1970s with the import and sale of sugar by its parent company, Dangote Industries Limited, Dangote Sugar has emerged as a leading brand, making a significant impact on the Nigerian sugar sector.
At the heart of Dangote Sugar’s operations lies its state-of-the-art sugar refining facility located in Apapa, which is the largest in Sub-Saharan Africa, boasting an impressive installed capacity of 1.44 million metric tonnes per annum. The company specializes in refining raw sugar to produce high-quality Vitamin A fortified and non-fortified granulated white sugar, catering to various consumer needs through packaging options ranging from 50kg to 250g.
Ranking among the largest Nigerian companies by market cap, Dangote Sugar is listed on the main board of the Nigerian Stock Exchange (NSE) in March 2007, Dangote Sugar Refinery Plc boasts a robust shareholder base exceeding 100,000 individuals. With an authorized share capital of 15 billion shares of 50 kobo each, the company remains steadfast in its pursuit of growth and sustainability.
Frequently Asked Questions on the Most Valuable Nigerian Companies With The Largest Market Cap
1. What is the largest company by market cap in Nigeria?
The largest company by market capitalisation in Nigeria is currently Dangote Cement Plc (DANGCEM), with a market cap of 12.782 trillion NGN as of February 2024.
2. Which company has the highest market capitalization? What is the most valuable company in Nigeria in 2024?
The company with the highest market capitalization in Nigeria is DANGCEM, which holds the top position in terms of market value among all companies listed on the Nigerian Stock Exchange.
3. Which company is the richest in Nigeria? Top 10 richest companies in Nigeria in 2024
- Dangote Cement Plc (DANGCEM)
- MTNN Mtn Nigeria Communications Plc (MTNN)
- BUA Foods Plc (BUACEMENT)
- BUA Cement Plc (BUACEMT)
- Geregu Power Plc (GEREGU)
- FBN Holdings Plc (FBNH)
- Guaranty Trust Holding Company Plc (GTCO)
- Zenith Bank Plc (ZENITHBANK)
- Transcorp Hotels Plc (TRANSCORP)
- Dangote Sugar Refinery Plc (DANGSUGAR)
Conclusion
For potential investors in Nigeria, these top 10 companies represent good investment opportunities. With their strong market capitalization, diversified business operations, and track record of success, they offer stability and growth potential. These companies provide avenues for investment across various sectors of the economy, including banking, telecommunications, energy and hospitality, amongst others.
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Disclaimer: Investing in the stock market involves risk, and our article is for informational purposes only. Make informed decisions and invest wisely.
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